Report Reveals Major Drivers Of Global Healthcare Analytics

By Christine Kern, contributing writer

A new analysis predicts significant growth in the global healthcare analytics market during the next four years.

According to a new analysis from Research Fox Consulting, federal healthcare mandates and benefits associated with the utilization of analytics are among several drivers of the global healthcare analytics, which is projected to be worth more than $10 billion by 2018.

Currently, the worldwide market is valued to be worth an estimated $4.8 billion; however it will grow at a compound annual growth rate of more than 22 percent over the next four years. Development is primarily driven by Predictive Analytics and Prescriptive Analytics in the US and Asia.

The market’s growth will be profoundly influenced by healthcare providers, health information exchanges, and accountable care organizations. In the U.S., critical factors for growth include federal mandates such as International Statistical Classification of Diseases -10 (ICD-10) and use of Electronic Health Records (EHR), while factors such as data security issues, cultural barriers to IT adoption and a lack of skilled manpower in the field of analytics could hinder the market growth.

Forecasting reveals that this market would experience a double-digit growth because of the various benefits healthcare industries perceive in adopting analytics. Perceived benefits include advanced pronouncements about when and how to care; improved revenue management cycle; clinical analytics integrated with health management; consolidation of health supervision tools with communication tools, workflows, and analytics; and claims data analysis for fraud detection.

However, lack of manpower with technical and functional expertise, weak communication infrastructure and data breaches are some of the elements which could potentially hamper the development of this marketplace.

This comprehensive report allows companies to alleviate risk, recognize new opportunities and initiate effective strategies for growth. Key takeaways of the report include:

• determining the market potential of healthcare analytics segment across the globe
• major end-users benefiting from healthcare analytics
• addressable market in healthcare analytics and how it is affecting the strategic initiatives of leading companies
• identifying drivers & inhibitors affecting the IT purchase decision of end-users
• identifying the target market segments
• analyzing the trends, forecasts, and opportunities in the main market and its segments
• measuring and forecasting the global healthcare analytics market and its sub markets

The major beneficiaries of these reports are healthcare analytics firms, Independent software vendors, IT service providers, IT hardware companies, and Analytics service providers. This comprehensive report allows companies to alleviate risk, recognize new opportunities and initiate effective strategies for growth.